After scaling up to a relative high of around $53,000 just over two weeks ago, it seemed as though Bitcoin (BTC) was well on its way to reclaiming its former all-time highs. However, the series of events that unfolded over the past week has seen the world’s largest cryptocurrency by total market capitalization lose nearly 13% of its value, with a single BTC currently trading near $45,800.

That said, the aforementioned volatility seems to have left Standard Chartered’s cryptocurrency research unit completely unfazed, with the analysts referring to Bitcoin’s most recent plunge as being a “false dip” while reiterating that a year-end target of $100,000 per BTC is still quite achievable for the flagship cryptocurrency.

The banking behemoth believes that Bitcoin will have hit $100,000 by “late 2021 or early 2022,” a move that will be accompanied by a huge spike in the value of Ether (ETH) as well. In fact, the research team pointed out that Ether is “structurally” valued at a year-end price point between $26,000 and $35,000, however, in order for that to happen, BTC must scale up to $175,000. 

Contributing factors

To get a better idea of whether a year-end projection of $100,000 per BTC is still feasible, Cointelegraph reached out to Ben Caselin, head of research and strategy at cryptocurrency exchange AAX. In his view, last Tuesday’s sell-off was a classic “sell the news” move, adding that he believes that an elaborate “bear trap” may have been at play.
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